Cold Calling for Business Acquisition

You want to buy a business? Here's the simple truth:

You’ve got to be willing to dial. And willing to get rejected.
Because most people say they want acquisitions—but very few are willing to grind for one.

If you’re serious about buying a small business, here’s what that actually looks like (based on my real-life conversation with Elias, a business buyer).

1. Cold Calling Still Closes Deals

Forget emails and LinkedIn spam.

Elias made over 2,000 cold calls to land his first acquisition.

Not to “network.” Not to “build rapport.”
To buy a business.

Here’s what that looked like:

• He hit HVAC owners coast to coast
• Got rejected 95% of the time
• But one deal stuck—and that was all he needed

That single deal created the snowball.

This is what cold calling for business acquisition really means:
High output. Low ego. No shortcuts.

Most people aren’t willing to hear “no” that often. Which is why they don’t get to “yes.”

2. When the Business Sucks—Structure Smarter

The deal Elias landed?
It was a mess.

• Personal expenses mixed with business spend
• No real books
• Bleeding money

Most would’ve walked away.
Instead, he used creative deal structures to turn it around.

He proposed a management services agreement (MSA):

• Took over operations without taking on the liability
• Gained access to the accounts
• Locked in a buyout price if things went well

In less than 30 days, he turned it profitable.

This is how you buy a business with no money—not by waiting for perfect businesses, but by turning imperfect ones around before the ink dries.

3. This Isn’t Passive…

Elias wasn’t some HVAC expert.
He was 24. No technical background. But he understood something most don’t:

This isn’t passive income.

You don’t buy a service business and sit back while checks roll in.

Instead, he:

• Found a former Costco exec to mentor him
• Brought in a partner who’d run a $60M company
• Built a team before he bought the business

Business acquisition strategies aren’t just about deal terms.
They’re about who’s around you once the deal closes.

That’s what gives you the confidence to step into messy ops, hire smart, and scale fast.

4. Most Sellers Want a Million. Their Business Isn’t Worth $100K.

This is the ugly truth no broker will tell you:

• The average seller is working 60+ hours a week
• They’ve got no systems
• Their margins are thin (if they exist at all)

And yet? They want $1 million.

What you’re often buying isn’t a business. It’s a job—with debt attached.

If you don’t do the diligence…

• You’ll miss the debt
• You’ll miss the owner dependence
• You’ll miss the fake add-backs

And you’ll end up stuck in something you can’t scale.

Want to know how to win a government contract or a private service deal? The fundamentals are the same: know how to underwrite, structure, and negotiate your risk before it owns you.

5. Sweat Equity > Real Equity (At Least Early On)

Elias didn’t come in with capital.

He came in with sweat equity. That’s how he grew to $4M in revenue—with no money down.

He:

• Took control without signing a purchase agreement
• Cleaned up the financials
• Built out a team
• Let the seller participate in upside they couldn’t unlock on their own

This is how to buy a business with no money:
Use time, skill, and structure in place of cash.

It won’t show up on Twitter threads. But it works.

And now? He’s aiming for $10M by year’s end and $27M after that.

All because he did what others won’t:
Cold call. Show up. Operate hard.

6. Your First Deal Will Teach You Everything

Most first-time business buyers obsess over finding the perfect deal.

But you won’t find it. Not at first.
And frankly, you don’t need to.

Your first deal is about learning how to write a government proposal or a seller pitch that gets a yes.
It’s about navigating books that don’t make sense.
It’s about structuring something that could work—then making it work.

That’s why a federal contracting for beginners mindset actually applies here:
You test. You adapt. You earn your stripes one negotiation at a time.

If your first deal is a little ugly? Good.
That means you’ll never forget the lessons.

7. Keys to Winning Early Deals

Let’s recap your federal RFP response strategy—except this time, it’s for small business acquisition.

Here’s your 5-step playbook:

• Cold call like it’s your job. No warm leads. Just volume and reps.
• Structure deals creatively. MSAs, seller financing, delayed closings—use them all.
• Vet everything. If it’s not systemized or profitable, build it before you buy it.
• Find real operators. Credibility and coaching matter more than capital.
• Be the turnaround. Don’t wait for a great business—become one.

You’ll learn more turning around one deal than you ever will chasing polished ones.

Final Word

Want to grow through acquisition?

Here’s your strategy:

• Build your operator team before you buy
• Cold call like a lunatic—deals hide in the follow-up
• Learn how to spot the real value behind bad books
• Use business acquisition strategies that give you control before risk
• Be ready to get your hands dirty and turn around a business fast

That’s how Elias did it.

And that’s how you can, too.

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